OQ
LR Consultants, along with our technology partners, worked with the OQ assets and corporate team to provide consultancy to prepare an ESG, decarbonization strategy, and GHG inventory calculation for Scope 1, 2, and 3 for all operational and non-operational assets for OQ.
OQ is a global integrated energy company with roots in Oman – operating in 17 countries around the world and covering the entire value chain from exploration and production to marketing and distribution of end-user products. Their fuels and chemicals are sold in over 60 countries worldwide, making them a prominent player in the energy sector.
Project Objectives
Calculation of GHG emissions Inventory for selected OQ assets (Scope 1, Scope 2, and Scope 3).
Identify and recommend ways to improve emissions measurement, including direct monitoring
Develop an ESG Framework and Strategy in line with global standards, company vision, mission, and strategy, and national agenda.
Develop short-, medium-, and long-term Sustainability, GHG, and flaring targets aligned with the Paris Agreement’s goal of limiting global warming to well below 2°C and the World Bank’s Zero Routine Flaring by 2030 initiative.
Develop asset-, product-, and flaring-specific KPIs to monitor performance, aligned with Oman’s commitment to the World Bank’s Zero Routine Flaring by 2030 initiative
Identify and recommend high-level pathways on how each asset (or cluster) can decarbonize
Work with OQ’s finance team to include carbon pricing within each asset financial model.
Project Status
The project, which began in July 2022, comprised two phases. Phase 1, now completed, involved assessing the status of GHG emissions accounting and reporting across OQ assets and developing a high-level inventory digital solution On-Premise platform, following a top-down approach from corporate to asset level. Phase 2, also fully completed, adopted a bottom-up granular approach from asset level to corporate level.
